Self-Esteem Issues at Enron?

In a two-page mea culpa to shippers, Enron Transportation &Storage (ETS) owned up to seven sins revealed by a recent customersurvey and offered six solutions with the promise of more to come.

April 27, 1998

Duke to Bring in 3 Australian LNG Cargoes

Last year, Duke Energy’s LNG imports soared 337% to 30.6 Bcf.But 1998 is expected to be even better because the recent economiccrisis in Asia has stifled demand while LNG shipping and productioncosts have been declining. Duke Energy LNG Sales announcedyesterday it purchased three more spot cargoes of liquefied naturalgas (8.9 TBtu) from the North West Shelf LNG Project in Australia.The company has arranged to sell the LNG in U.S. markets in June,August and November. It will be imported at Duke’s Trunkline LNGreceiving terminal located in Lake Charles, LA. The shipments willcome from North West Shelf’s liquefaction facilities located atWithnell Bay in the port of Dampier in Australia.

April 23, 1998

NGC Growing Strong CA Presence

NGC Corp. touted several recent developments as evidence of itsstrong position in the California electricity marketplace.

April 20, 1998

April Futures Edge Lower But Hold Support

The April Nymex contract returned to its recent habit of tightdaily trading ranges Tuesday by containing its movements between$2.295 and $2.345. That tight range only allowed April to lose 2.1cents for the day to $2.330, despite the fact that nearly 60,000total estimated contracts changed hands.

March 25, 1998

Bullish Futures Momentum Runs Out of Steam

The recent surge in natural gas futures prices became so greaton Monday that the spot April contract came within 4 cents ofreaching its all-time high trade of $2.460. However, speculatorswere quick to “pounce on a selling opportunity” at that price, theresult of which left April up just 0.8 cents for the day at $2.351.Total volume was estimated at 88,053 contracts.

March 24, 1998

April Futures Are Stuck In Their Teens

The April Nymex contract lost yet another chance to break out ofits recent trading range by falling 3.8-cents to settle Thursday at$2.134. “If April were ever going to break out of its tradingrange, perhaps today was the day,” a trader told GPI. “April brokeabove major resistance at $2.19, and forecasts are calling foranother potential cold front next week. Yet April fell hard afterreaching a high of $2.205. That tells me there is no wayspeculators are buying into the fact that fundamentals warrant ahigher move. It also shows they are wary of initiating fresh longpositions,” he said.

March 13, 1998

Chevron Fighting Florida Over Offshore Development

Chevron says it will appeal a recent preliminary ruling by theState of Florida against its development of the Destin Dome 56Unit, about 25 miles offshore from Pensacola, FL.

March 12, 1998

El Nino Pushes Energy Use Down Sharply

Although the most recent estimates from the Energy InformationAdministration show gas consumption so far this winter to be up1.7%, or 1.28 Bcf/d, from the same period last winter (Novemberthrough February), the warming effects of El Nino continue to put adamper on gas and energy use. Since the beginning of November,population weighted heating degree days as calculated by theNational Weather Service have averaged about 10% fewer than normaland 7.6% fewer than last winter. But since Jan. 1, there have been20% fewer heating degree days than normal (1,438 HDD compared to1,801 HDDs) and 15% fewer than last year (1,683 HDDs). Heatingdegree days are calculated by measuring the differences between themean daily temperatures in 200 cities across the U.S. and 65degrees. Every region of the country has had fewer HHDs than normalduring the months of January and February.

March 6, 1998

Volatility Returns to The Nymex Trading Pit

The April Nymex contract finally broke out of its recent tradingrange by falling a relatively large 8.7 cents to $2.141 onThursday. “Today was massive long liquidation by funds, coupledwith weaker cash prices,” a broker told NGI. “The market droppedbelow the magic 40-day moving average (at $2.205), and fell belowtrendline support at $2.19. Both those things triggered a series ofstop loss orders, which helped propel April even lower. April lookspretty negative on the charts. There was a lot of technical damagetoday. The market will most likely want to continue to test thedown side,” he said.

March 6, 1998
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